cyber insurance

Reinsurance giant Munich Re aims to keep a 10% share of the growing global cyber marketplace and so far says that alternative sources of capital are not impinging on the cyber sector, with little competition seen from ILS market sources.

Welcome to Artemis’ fourth ILS executive roundtable in Bermuda, in which our participants discussed a variety of opportunities and challenges that the reinsurance and insurance-linked securities (ILS) sector is dealing with as it responds to the losses of a second active year for global catastrophes.

We’re delighted to have partnered with the Institute of Insurance Economics at the University of St. Gallen, Switzerland to promote and publish a survey on the transfer of cyber risks using insurance-linked securities (ILS).

Leading international insurance and reinsurance firm MS Amlin, part of the MS&AD group, is investing in cyber reinsurance MGA Envelop Risk.

Norsk Hydro has said today that its costs from the cyber attack by malware or ransomware are estimated at up to US $41 million just from the first week since the event occurred.

Norsk Hydro, one of the world’s largest aluminium manufacturing firms, was hit by a cyber attack recently, as malware or ransomware caused the company to shutter and reduce operations at a number of locations.

Cyber risks are a logical place for the use of insurance-linked securities (ILS) capital as there is a real need for capacity, according to Brian Duperreault, the CEO of insurance giant AIG.

The estimated total insurable loss for the recent cyber hack attack and resulting data breach of one of the Marriott hotel chain’s reservation systems will be between $200 million to as much as $600 million, according to AIR.

Last weeks announcement of a major cyber hack attack and resulting data breach of one of the Marriott hotel chain’s reservation systems is expected to lead to a significant cyber insurance and possibly reinsurance market loss, leading Property Claim Services (PCS) to designate the event.

It was the impacts to pharmaceutical giant Merck as well as silent cyber exposure that drove the insurance and reinsurance industry loss from the 2017 Petya / NotPetya cyber attack, according to PCS, providing a further warning of how cyber losses can hit multiple business lines.